[E-Daily Reporter Kwon Oh Seok ] Hana Securities announced on the 7th that it is maintaining its “Buy” investment rating for KOLMAR KOREA(161890)and raising its target price from 110,000 won to 140,000 won.

Park Jong-dae, an analyst at Hana Securities, predicted, “In 2026, the HANKOOKCOSMETICS industry is enjoying its strongest-ever global momentum, with exports increasing by more than 25% year-over-year. Given that exports to Europe and the U.S. are being driven by the basic categories, KOLMAR KOREA’s earnings are likely to continue exceeding expectations for the time being.”
He estimated that second-quarter consolidated revenue and operating profit would reach 831.5 billion won and 94.4 billion won, respectively, representing year-over-year growth of 14% and 28%. “The domestic business is expected to drive earnings improvement with 25% growth. Given the high base from the previous year, this represents a significant performance,” he said. “While the loss in the North American business is disappointing, the stabilization of the China business and the possibility of Yeonwoo returning to profitability are positive factors,” he added.
He further explained, “Although the peak season for sunscreen sales has passed in the second quarter, the growth rate in the second half of the year is unlikely to decline. This is because 90% of sunscreen exports are destined for Europe, and the impact of expanding into new regions and channels is significant.” He added, “Furthermore, strong sales of other skincare products mean that the growth rate in the second half is likely to be higher than expected.”
Analyst Park noted, “As sales of flagship products from major indie brands such as Anua and Dr. Elcia have increased significantly, the profitability gap with sunscreen products has narrowed considerably. This is an area where we can expect improved profitability in the second half,” he said, emphasizing, “The total order backlog is larger in the third quarter than in the second. The number of operating days in the third quarter is about five days shorter than in the second quarter, so the key will be how we can overcome this and ensure deliveries.”
He also noted, “We need to keep a close eye on whether global Company R will place a repeat order for its cream products. Initial sales were recorded in the first quarter, and with positive consumer feedback, the likelihood of a repeat order is increasing. “This marks the first time a Korean ODM company has produced high-end skincare products for a global luxury brand,” he noted, adding, “This presents an opportunity not only for short-term earnings but also to elevate our status as a global ODM company and expand our ODM scope into the high-end skincare category.”
He continued, “Until now, the valuation has been excessively low due to supply-and-demand issues rather than fundamentals. Earnings forecasts are rising, and the valuation is in the process of normalizing. There is ample room for the stock price to rise.”